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Problem solving is an element of every business. Effective problem solving is a result of using the right tools and strategies to include all members of the team to get to the best possible solution. In life sciences consulting and other types of training programs, brainstorming is one of the easiest and most effective tools to use.
There are basically two types of brainstorming strategies that when used in conjunction with one another, will lead a team to the best possible solution to a problem. These two methods are often referred to as Round Robin and Free Wheeling.
In Round Robin brainstorming, everyone is asked for their input into how to solve the issue at hand. The team leader will go around the group to each person in turn and ask for ideas which are then written on a flip chart or whiteboard. There is no discussion, evaluation or judgement of ideas at this time. This helps to encourage members of the session who may be a bit shy into speaking up without feeling intimidated. The team leader also refrains from any comments at this time about the ideas. All discussion is saved for later.
During the Round Robin session, a team member who is unable to think of an idea will simply pass and the leader will move on to the next person. When the majority of the team begins to pass, then it is time to move on to the Free Wheeling part of the session.
The team leader will continue to gather and write ideas on the board during this session as well. However, the difference is, the team leader can stimulate discussion within the group and anyone can shout out any idea at any time. This gathering of ideas continues until it appears there are no more ideas to write down. It is crucial when this happens, however for the team leader to push a little harder at this point as this is often when the most creative ideas are generated.
Once the team is satisfied that all ideas have been expressed, it is then time to go back to the very beginning and start discussing the first ideas that were written down. With each idea, the team leader will ensure that everyone understands the idea that was put forth. Often, in clarifying the idea, new ideas will develop as well.
At this point, every idea will now be discussed by the group to determine its potential value in helping to solve the problem at hand. As the team progresses through the ideas, some will be eliminated, some expanded upon, and some will be set aside to come back to at a later time.
Eventually by eliminating, changing and combining ideas, a viable solution to the problem will be found, and all team members will feel instrumental in achieving the desired results.
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Many investors are only interested in investing money into an enterprise for a limited amount of time. They want to know when they will get their money back and what sort of return they will be receiving at that time. Both issues are closely linked. Therefore, when preparing your business plan, to pitch to potential investors, you will need to make sure that you have outlined your long term plans and a sound exit strategy.
In order to do this properly you will have to ask yourself a few questions about your own personal plans regarding the business. Do you wish to stay involved in this business in the long run, or are you more interested in getting it off the ground and letting someone else take over then? These are the kinds of questions you should deal with in your exit strategy.
You will also want to know a little about the investors you are pitching to and what their expectations are regarding the future of the investment:
* If you are dealing with venture capitalists you have to be aware that they are looking for a high return. They will generally be expecting the business to go public at the end of the period or make some other high profit move. The period they are willing to invest is about three to seven years so you will need some sort of high return exit strategy at the end of that period. However, you should not opt for going public unless you are confident that it is a realistic goal for your company. Public offerings are very rare for small businesses and the investors you are speaking to will be all too aware of that fact.
* If you are considering an angel investor then again they will be looking for a high return but will not be overly concerned with the type of exit strategy under consideration, as long as it seems sound. They will be less sophisticated than the venture capitalists or institutional investors you may deal with and are more likely to be involved because of a personal relationship to you or the business.
There are some exit strategies you can consider:
1. The most basic exit strategy would be to simply bleed the business dry. This can be done by giving yourself a huge salary or other remuneration, regardless of the performance of the business. While it is not appropriate in most cases, there is no doubt that it can get a lot of your investment back out of the company in a short time.
2. Another simple option is liquidation. Simply close the doors and wait for the company to be wound up. All debts will be paid off, and then whatever is left over will be clear to the shareholders.
While these two options above are quite practical and effective, they are professionally frowned upon and you may wish to propose a more sophisticated exit strategy if you wish to impress potential investors.
3. Another option could be selling to a friendly buyer. While you may have come to the end of your relationship with the business, there may be many people who would be saddened to see it end and may well be willing to step in to take over. This might include passing it on to another member of the family, or selling it to employees or customers. There are many businesses where this will be a realistic option, however it is difficult to predict it at the beginning of the venture.
4. Another option is acquisition. This is when a rival firm, usually one wishing to expand, agrees to buy you out. You can negotiate the price and terms with the buyer and there is a good chance that both of you can come up with a very attractive price. You will get a good price because together with your assets, the buyer will be willing to pay for good will, market share, client contacts etc. This means you can get a very good price for the business.
5. The IPOs that we previously talked about are the final option. These are potentially the most lucrative of all, but when reality kicks in, they might not seem like the dream you thought they were. In reality, a minuscule percent of companies manage to make it through an IPO. The process costs millions, includes lawyers, analysts, publicity agents and a lot of other costly professionals. The odds are against you ever making it. And if you do, you will probably be left with only a fraction share of the company you used to own.